SEBI Clears 8 IPOs Including Eldeco, Associated Power Structures, HD Fire Protect & Others

New Delhi: As many as eight companies, including real estate developer Eldeco Infrastructure and Properties, and Associated Power Structures, have secured Sebi's approval to raise funds through initial public offerings (IPO), an update with the markets regulator showed on Friday.

Others that received regulatory clearance are HD Fire Protect Ltd, Xtranet Technologies, Parijat Industries India, Rotomag Enertec, CSM Technologies, and AITMC Ventures Ltd. The eight companies had filed their preliminary IPO papers with Sebi between September and October, and obtained the regulator's observations between January 28 and 30, the update showed.

In regulatory terms, Sebi's observation is equivalent to clearance for launching a public issue. Haryana-based real estate developer Eldeco Infrastructure and Properties Ltd proposed public issue is a mix of fresh issues of shares worth Rs 800 crore and an offer for sale up to Rs 200 crore by promoters. Proceeds from the fresh issue worth Rs 600 crore will be used for repayment of debt availed by Eldeco Infracon Realtors Ltd, a subsidiary of the company. The remaining funds will be utilised for general corporate purposes.

According to the draft papers of Associated Power Structures, the proposed IPO is a combination of fresh issue of equity shares worth Rs 400 crore and an OFS of about 71.43 lakh equity shares by the promoters. The Mumbai-based HD Fire Protect, a manufacturer and supplier of firefighting products, proposed IPO is entirely an offer-for-sale (OFS) of 26,284,500 equity shares by promoters.

According to the draft papers of agrochemical company Parijat Industries (India) Ltd, the public issue is a mix of fresh issue of shares worth Rs 160 crore and an offer for sale (OFS) of 2.04 crore shares by promoters and other existing shareholders. Proceeds from the fresh issuance worth Rs 121.6 crore will be utilised for the payment of debt and the rest for general corporate purposes.

Gujarat-based industrial drive solutions and renewable energy products company, Rotomag Enertec, IPO comprises a mix of fresh issues of shares worth Rs 500 crore and an offer-for-sale up to 24,040,162 equity share by promoter selling shareholders. Bhubaneswar-based CSM Technologies' proposed IPO comprises a fresh issue of 1.29 crore equity shares, with no offer-for-sale (OFS) component. Proceeds from the issue will be utilised towards funding growth initiatives, strengthening technological infrastructure, payment of debt and general corporate purposes. 

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